GLBSE user funds are more or less safe, but I have bad news from the GLBSE shareholder meeting.

Nefario has, without a shareholder motion and in violation of the bylaws and GLBSE ToS, decided to close down GLBSE. Users will be able to collect deposits only after submitting identity info. A similar system to the one that Goat was forced to use will be provided so that assets can be traded elsewhere.

He is also illegally using user deposits to pay for his lawyer. If he continues, the GLBSE cash reserves (which I manage) will not be enough to cover costs and GLBSE will be in debt to users.

I'm very sorry about this, but those shareholders who are sane are helpless against Nefario and the insane shareholders who for some mind-boggling reason think that closing down GLBSE in this way will help both themselves and GLBSE users.

Since Nefario refuses to give complete details about his legal concerns and he has been acting strangely, I feel that it is somewhat possible that Nefario is working under some sort of plea bargain and is gathering IDs for future prosecution.

Nefario has defrauded me and others in several different ways and deserves a scammer tag.- The BitcoinGlobal bylaws state that BitcoinGlobal's purpose is to operate GLBSE. By shutting down GLBSE without amending the bylaws, Nefario has violated the bylaws.- He has stated that he would ignore any motion to remove him as CEO.- He is knowingly making BitcoinGlobal shares worthless, violating his fiduciary duty.- He is refusing to release my GLBSE balance without my ID, which I did not agree to.

Since my GLBSE shares are now worthless, it should be obvious that I had no knowledge of this before now.

I urge everyone to never work with Nefario again. A Bitcoin stock exchange is a good idea, though. I hope that someone will create something better than GLBSE and MPEx.

GLBSE should have been a black market operation, no offense. The fact that the founder is known and visible and that the exchange is centralized is a big red flag.

Also, the GLBSE in its current incarnation doesn't work well with anonymity, as there were a number of scams and scandals that were the result. If you could solve the scamming problem, unsanctioned and unauthorized business will have a place in the world. Other than that, a GLBSE is not a good idea.

I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account. You've been warned. Use a different exchange.